On a macro basis:On 4/29 we left a bullish reversal below that warned of renewed strength for days—we saw $21.14 of this, rolled into (Z).On 5/5 we left a medium-term bullish reversal below that warned of higher trade for days/weeks.We have seen $15.49 of this so far, rolled into (Z).These are OFF HOLD. NOTE: On the way up there was a major area of possible exhaustion warned about at $44.08.The high of (X) was $44.05, and we have rolled over $10.44.This is ON HOLD.The decent break above $39.57 warned of continued strength in general. We have seen $3.49 of this so far.The decent trade above $41.01-11 projects this upward $1.65 minimum, $7.60 (+) maximum based off an ‘ok formed’ pattern. We have attained $1.95 of this so far.If we break back below decently, look for decent pressure to come in. I noted there were two key possible exhaustion areas on the way up at $42.02-04 and $42.77-3.10. We have taken out the lower of these which was the more important one and suggests a good likelihood of a full run toward $44.30 (+), but the upper level will still likely provide temporary resistance.
On a short-term basis:I warned there was an exhaustion area to contend with on the way down at $33.97-86.We basically held this with a $33.64 low and rallied $9.42. The maintained gap higher on 11/3 also left a short-term bullish reversal below that warned of short covering, likely for days. We have seen $5.14 of this so far. The decent trade back above $37.47 warned of continued strength to come in, with a good likelihood of heading back up toward $41.90 (+)—we have seen $5.59 of this, taking out $41.90 on Globex.I warned in the Post Market Synopsis that this went out strong on the day—we are trading $1.47 higher.Today has a good likelihood of being a range expansion day.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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